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Nigeria: Economy wilts under oil price, coronavirus

Recession and a potential public health crisis will test Nigeria’s social cohesion and fragile health system as the oil-dependent economy struggles with falling demand and sharply lower crude prices. Net oil revenue is expected to slump to $11bn this year from $45bn in 2019, according to the Paris-based International Energy Agency (IEA). “Producer economies have not fully recovered from the previous price collapse in 2014,” the IEA said. “In many ways, Nigeria is less prepared to deal with a price shock than it was five years ago.”

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